South Coast Financial Centre of Excellence Welcome to the South Coast
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South Coast Financial Centre of Excellence Welcome to the South Coast Welcome to the South Coast of England – this region steeped in maritime history is now one of the UK’s most popular and economically prosperous locations, situated just a short distance away from London. gov.uk/ukti 1 — The region’s proximity to London, lower office overheads than the capital and 130,600 highly educated employees equals a thriving financial and business services sector — 130,600 There are 130,600 people Covering the county of Hampshire and employed in the financial and part of neighbouring Dorset, the region has business services sector an overall area of more than 3,880 km2 in the South Coast region and includes the cities of Southampton, Portsmouth and Winchester and the towns of Bournemouth & Poole, Farnborough and Basingstoke. It boasts an exceptional quality of life, with a climate, environment and infrastructure that helps residents and 22 the local workforce make the most of the 22 FTSE 100 companies have area’s attractions and advantages. headquarters, major corporate centres or back-office operations Offering excellent transport links, the in Hampshire South Coast is extremely well connected, enjoying easy access to London, the rest of the UK and beyond. The region is within one hour’s drive of a market of 18 million people and has a world-class talent pool and high quality, competitively priced £9.1bn office space, making it the ideal location to establish and grow a business. Such factors have proved an irresistible Hampshire companies draw to the business community, with contributed £9.1 billion in companies of all sizes and specialisms economic output in 2012/2013 choosing to have a presence on the South Coast. Thriving sectors include financial and business services, which have gone from strength to strength in the region in recent years, attracting a growing cluster of globally successful companies. 2 South Coast Financial Centre of Excellence Financial hub The South Coast is a leading Major employers centre of excellence for the There are over 130,600 people employed in financial and business the financial and business services sector on the South Coast, with financial services services sector in the UK. companies alone accounting for more than 40,000. There are also over 30,000 2,020 financial and business services people employed in associated professional companies, including 22 FTSE 100 firms, services – one of the highest employment have established headquarters, major rates in the UK outside of London. corporate centres or back-office operations in the area. Collectively, they contributed Industry strengths £9.1 billion in economic output in 2012/3 £3.48 billion in financial services alone. The volume of the financial and business services sector on the South Coast means The presence of these companies creates that sub-sectors are substantial in their major opportunities for other financial and own right. For example, Hampshire has business services enterprises looking to significant strengths in insurance, relocate to the South Coast. For example, employing 24 percent of South East there is a ready pool of well-qualified England’s insurance industry, the largest labour already working in these firms, as in Europe. Business and management well as the opportunity for new recruits. consultancy, legal services and accounting There is a wealth of experience amongst and tax professions are also enjoying existing businesses of getting the most growth and represent 15 percent, from the extensive knowledge base on 21 percent and 15 percent of employment in offer locally. this sector in the South East respectively. — There is a wealth of experience amongst existing businesses 21% of getting the most from the 21% of employees in the South East extensive local knowledge base work in legal services — gov.uk/ukti 3 Key locations Basingstoke The South Coast has a number of key Basingstoke is home to numerous locations where there are clusters of household business names from the financial and business services companies. financial services sector and these, With access to a catchment area of along with many other equally world-class 18 million people there is a constant companies, combine to invest in the source of readily accessible new talent town’s success. to the region. Companies include: – AXA Wealth – Baker Tilly – Barclays 18m – Langdowns DFK There is access to a – Sun Life Financial of Canada catchment of 18 million people in the region 4 South Coast Financial Centre of Excellence Bournemouth & Poole Bournemouth also offers an international airport which is a key gateway to southern Bournemouth & Poole generates £1.6 billion England, serving 689,000 passengers a year in Gross Value Added from financial and 60 destinations annually. Planning and professional services, with 12,700 permission has recently been secured for people (12.1 percent of the population) a new airport development site which has employed in the sector. The town’s biggest seen £50 million of private-sector employer is American banking giant J.P. investment by Manchester Airport Group. Morgan, which has over 4,000 staff at its Chaseside campus. At less than two hours Companies include: by train from Bournemouth to London – Abbey Life Waterloo, it is an ideal business location. – Ageas Retail – Arthur J Gallagher Several global business heads – dealing with – Bank of New York Mellon everything from securities processing to – Barclays fund trustee management – are now based – J.P. Morgan on the Dorset coast. Bournemouth is at the – LV = Liverpool Victoria core of a ‘near-shoring’ trend amongst – Nationwide financial and professional services firms: – Pru Health the movement of jobs either out of London – Teachers Assurance or from overseas back to the UK. CASE STUDY Global centre Bournemouth, most recently committing £28.6 million to install state-of-the-art Financial giant J.P. Morgan, America’s communication technology. largest bank, has a major presence on the South Coast. Established 25 years Chairman and CEO Jamie Dimon says: ago, its office in Bournemouth is a “Bournemouth offers access to high- centre for technology and operational quality talent and to facilities that can processing with worldwide reach, support our business, not just in employing more than 4,000 people. London, but around the world. We are proud to be an active member of the It is a key location in the company’s local community and to be the largest global franchise, supporting activity in private-sector employer in Dorset.” over 90 markets across more than 40 countries. J.P. Morgan has continuously jpmorgan.com invested in its business and people in gov.uk/ukti 5 CASE STUDY Mutual benefits financial services businesses based locally and one of the major employers LV = (Liverpool Victoria), a leading here. We’re committed to developing financial mutual offering a range of and recruiting talent and continue insurance, investment and retirement to forge relationships with local products, employs 2,400 people at its universities and colleges which head office in Bournemouth. They are are essential to our success. We have the UK’s largest friendly society, with a wide range of roles within our more than 5.5 million members Bournemouth office, from customer and customers. services through to IT, HR, finance and HR Director Julia Tyson says: “Being in digital marketing, to name but a few, Bournemouth gives us access to the which offers great development wide range of talented people based opportunities for our people.” here in the town and it’s great to be part lv.com of the unique community spirit. We’re proud to be part of the growing hub of 6 South Coast Financial Centre of Excellence Farnborough Portsmouth Only 34 minutes from London by train, Portsmouth is a vibrant waterfront city. Farnborough is home to the most modern Over £1 billion is being invested and and efficient business aviation airport committed to infrastructure projects and in Europe. commercial and residential developments. They include the Lakeside North Harbour With high-quality business and technology business campus, home to some major parks within a short taxi ride from the financial and business services firms. airport, Farnborough is fast becoming the location of choice for many financial and Companies include: business services firms. – Capita – Handelsbanken Companies include: – Aon – Menzies – Zurich gov.uk/ukti 7 Southampton CASE STUDY Home to the UK’s second-largest container terminal and four state-of-the-art cruise terminals, Southampton is a major hub for both business and leisure. With Southampton Airport serving over 50 European destinations and a master plan for the city centre creating significant, high-quality office space in the near future, Southampton is one of the South Coast’s A sound investment premier business locations. Southampton is the UK headquarters Companies include: of Old Mutual Wealth, part of – Ageas Old Mutual Plc, one of the world’s – Aviva leading independent providers of – BDO solutions for long-term savings – Deloitte and investments. – Ernst & Young – Foresters Friendly Society Employing more than 1,500 staff and – Grant Thornton managing £35.5 billion on behalf of – HSBC its customers, the firm’s South Coast – KPMG office has proved a highly successful – Old Mutual Wealth business hub, helping Old Mutual – PwC Wealth become one of the fastest- growing financial services companies in the UK. UK Operations Director Phil Hine says: “Being located in Southampton connects Old Mutual Wealth to a wealth of talent, from university graduates to highly skilled employees. In Southampton we are at the heart of the region’s road, rail and flight connections, not only to Central London but also to Europe and the rest of the world.” oldmutualwealth.co.uk 8 South Coast Financial Centre of Excellence Key company locations Heathrow M3 Farnborough M25 Basingstoke 31 27 A3 5 35 3 33 32 Guildford M3 A31 Gatwick M23 Winchester 14 4 A3 9, 11, 13, 15, 1 23 21 16, 17, 19, 22, 7 24, 28, 30 6 27 M27 Portsmouth 8, 25, 26, 29 Southampton 18 11 20 2 34 12 10 Bournemouth Isle of Wight 2 1.